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Child tax credit will grow up to twice its size.(The Providence Journal)
In 1997, Congress created a feature in federal tax law that gave special recognition to the importance of children and families. Known as the "child tax credit," it essentially said this: For every child you have under 17, we'll lop a few hundred dollars off your tax.
It took a while for taxpayers to grasp the significance. The credit was, after all, only one piece of a much bigger tax bill at the time. The credit didn't take effect immediately, either. And because the credit was pro-family, and was created largely by conservatives, the news media pretty much ignored it.
Nevertheless, millions of families have since taken advantage of it. Now, under a new tax bill approved by Congress on Saturday, the child tax credit will get a lot bigger. When it first took hold in 1998, it was worth $400 per child. In 1999, it rose to its current level of $500. Under the new tax bill, expected to be signed by President Bush soon, the credit will jump to $600 immediately, and will reach higher levels in later years:
_$600 per child per year, 2001 through 2004.
_$700 per child per year, 2005 through 2008.
_$800 per child in 2009.
_$1,000 per child per year, 2010.
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